He said as part of efforts to attract foreign investors, most countries in the West Africa sub-region had removed the minimum capital requirements for foreign investors.
He cautioned that if Ghana maintained the minimum capital requirements, it would be losing out of foreign direct investments to other countries in the sub-region.
All enterprises in the country with foreign participation are required to register with the Ghana Investment Promotion Centre (GIPC).
Under the new GIPC Act, 2013 (Act 865), the minimum capital required for retail business has also moved from $300,000 to $1 million, while foreign investors who participate in joint venture enterprises have to show a minimum capital of $200,000 with wholly-owned foreign enterprises showing a minimum capital of $500,000.
Mr Adomako made the appeal at a validation workshop to review and discuss a report commissioned by the World Economic Forum in conjunction with the Ghana Investment Promotion Centre (GIPC) to understand investment facilitation for sustainable development in Ghana.
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Mr Adomako said as the GIPC Act was currently being reviewed, there was the need for them to take a second look at the issue of minimum capital requirement for foreign businesses in the country.
He said in setting up businesses in certain sectors of the economy, such as ICT, one does not necessarily need to have a minimum of $500,000 before starting.
He recommended that in order to facilitate the growth of the agricultural sector, the GIPC should have an agriculture attaché at Ghana Missions in countries where a large number of agricultural investors were coming from.
Dr Matthew Stephenson of the World Economic Forum said the study was undertaken within the private sector and civil society space, on what measures could be employed to facilitate investment in aiding sustainable development outcomes.
He said Ghana was chosen for the study project because the country attracted most foreign direct investment in the West Africa sub-region, since 2018, which had now plateaued, hence, the need to scale-up.
The second reason was that Ghana had prioritise food and agriculture as effective for development and that this project was about facilitating investment in food and agriculture.
“The third is that the GIPC has the legal mandate to do both promotion and facilitation, and at the same it is reviewing its act to modernise it and this is just a perfect timing,” he added.